Bauer proposes to end most deductions and credits, and tax most income at a flat 16% rate. Bauer announced his “family-friendly” tax plan, which would eliminate all deductions except those for home mortgage interest and charitable contributions, and
couple his flat tax rate with a 20% reduction in the payroll tax, which funds Social Security. He would not require taxpayers to invest in private retirement accounts, but would reduce projected increases in Social Security benefits for future retirees.
Source: Jonathan D. Salant, Associated Press
Sep 23, 1999
No tax on interest; keep mortgage & charity deductions
Under [Bauer’s proposed] flat tax, each family would receive an inflation-indexed $l500 earned personal tax credit for each family member. Business and personal income, as well as capital gains, would be taxed at 16%. Business profits would be taxed only
once, at the business level. Interest payments would be taken outside the tax system. However, existing mortgages would continue to be eligible for the home mortgage deduction. The charitable deduction would be retained for all taxpayers.
Source: Bauer2K.com “On the Issues: Flat Tax”
Sep 6, 1999
Supports 16% flat tax; opposes inheritance tax
The United States should move to a 16% flat rate tax that would substantially cut taxes for America’s families. I strongly support the elimination of the marriage penalty and of inheritance taxes.
Source: www.bauer2k.com/html/indepthissues.html 5/24/99
May 24, 1999
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